FX Chief Cornford Quits CIBC After 2 Months In Role Moves To Swiss Bank As Bennett Takes Over

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In a surprise move, Michael Cornford quit last week as head of global foreign exchange operations for Canadian Imperial Bank of Commerce. His January 5 resignation came just two months after he accepted the Toronto-based post (FX Week, December 7, 1992).

He will be succeeded by Steven Bennett, CIBC's global money markets head since 1988, who adds Cornford's responsibilities to his own. Cornford, who had previously headed CIBC's London foreign exchange operation, resigned for personal reasons.